Subjective Values in Decision-Making Under Uncertainty: A Systematic Review

Decision-making under uncertainty, risk, and ambiguity is a central topic in behavioral sciences, yet the cognitive and neural mechanisms through which individuals construct subjective value remain fragmented across disciplines. Neuroeconomics has emerged as an interdisciplinary field integrating psychology, economics, and neuroscience to explain how subjective value guides judgment and choice under uncertain conditions. However, the conceptual foundations of subjective value and its role across different forms of uncertainty remain insufficiently integrated. This study provides the first comprehensive review of subjective value research by combining a systematic literature review with bibliometric analysis. We first trace the theoretical evolution of judgment and decision-making under uncertainty, emphasizing the development of subjective value as a core construct linking cognitive evaluation, affective processing, and behavioral choice. We then review major approaches to measuring subjective value and examine their contributions to understanding individual differences in decision-making. Using VOSviewer, we identify the intellectual structure, major research themes, and emerging trends in the field. The findings reveal two complementary knowledge foundations: theories of judgment and decision-making under uncertainty and the neural mechanisms underlying subjective value representation. Three dominant research themes emerge: (1) cognitive and affective processes underlying subjective value construction during uncertainty-related judgment; (2) neural representations of subjective value across risky and ambiguous decision contexts; and (3) the development of integrative cross-domain models that connect psychological, economic, and neuroscientific perspectives on decision-making. Based on these findings, we propose future research directions that emphasize distinguishing risk, ambiguity, and uncertainty at both behavioral and neural levels, integrating contextual and individual-difference factors into subjective value models, and extending neuroeconomic research beyond laboratory paradigms to real-world decision environments. By synthesizing theoretical and empirical advances across disciplines, this review offers an integrative framework for understanding how subjective value shapes human judgment and decision-making under uncertainty.